The value of dissent: Peirce at the SEC and Brainard at the Fed

Dissent is an important part of the decision making process for regulatory and monetary policy. When groupthink prevails and everyone says yes, there is less pressure to look at the correctness of the decision, or to modify it in important ways that produce a better result. Sometimes nothing changes when dissenters speak out except that the faction in favor is forced to better explain their ideas and rationales. Even so, that is a productive outcome as well.
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